As we have highlighted in prior posts, regulators of financial institutions, including FinCEN, FINRA and SEC, have increasingly brought actions to bring organizations – and individuals – into compliance with AML / BSA obligations. This enforcement activity is consistent with FinCEN’s August 2014 Advisory, now nearly three years old, emphasizing the idea that U.S.
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Will Cryptocurrency Abuse be an Enforcement Focus for the IRS this Tax Season?
Tax filing season began January 23rd, and with its arrival the IRS began rolling out its annual list of the so-called “Dirty Dozen.” The Dirty Dozen list is an educational effort to inform the public about scams, but it also offers insight into the tax enforcement issues on the IRS’s radar.
Particular tax schemes often
SEC Annual Exam Guidance: Cybersecurity, Robo-Advising, and Retirement
The S
EC recently announced its Office of Compliance Inspections and Examinations’ (OCIE) 2017 priorities. Though these listed priorities are not exhaustive and remain flexible in light of market conditions, industry developments, and ongoing risk assessment, it is helpful for companies to keep these items in mind when evaluating securities compliance programs in 2017.
The
SEC: $7 Million Award to be Split by Three Whistleblowers
On 
Monday, January 23, 2017, the Securities and Exchange Commission (SEC) awarded more than $7 million to be split among three whistleblowers. The three individuals helped the SEC in its investigation and prosecution of an investment scheme.
The identity of whistleblowers is protected by law however, the SEC did disclose that the primary whistleblower
Supreme Court Rules on False Claims Act’s Seal Requirement
In the m
idst of a False Claims Act (FCA) case, the relators have blatantly violated the FCA’s seal provision. Surely this will lead to dismissal, right? Wrong.
On Tuesday, December 6, the Supreme Court unanimously ruled that violating the FCA’s seal requirement does not necessarily demand that a case be dismissed.
The case before
Companies Challenge CFPB’s Authority to Issue Civil Investigative Demands
As an
y company that has received a civil investigative demand (CID) from the Consumer Financial Protection Bureau (CFPB) knows, the Bureau’s authority to issue CIDs is a powerful tool that leaves recipients with limited options to challenge or limit their compliance obligations. Recently, the CFPB has fought back against CID challenges, asking two federal
Last Four Months of DOJ’s FCPA Pilot Program Could Provide Important Signals
Last April, the C
riminal Division of the U.S. Department of Justice launched a one-year pilot program in the Fraud Section’s Foreign Corrupt Practices Act (“FCPA”) Unit. The pilot program, self-described as “building” on the Yates memorandum, provides structured incentives for companies to self-disclose, cooperate, and remediate with respect to FCPA violations. The remaining
Big Changes Come With The New Form I-9 Published by USCIS
United States Citizenship and Immigration Services (USCIS) has officially published the long awaited revised Form I-9. The new Form I-9 and instructions can be found at https://www.uscis.gov/i-9.
The clock is now ticking— While employers may begin using the new Form I-9 immediately, all employers are required to implement use of the newly revised Form
Tuesday’s GOP Wins May Put the Brakes on the CFPB’s Controversial Oversight of Auto Lending
The CFPB’s imposition of its auto lending guidelines, and use of its admittedly flawed proxy-methodology to determine discriminatory lending in auto finance, may come to an end under the GOP controlled White House and Senate.
The CFPB’s current guidance, published in a March 2013 Bulletin, has been largely criticized as limiting competition and increasing
UK set to shake up Corruption and Money Laundering Enforcement
The UK Government introduced the Criminal Finances Bill to Parliament today (13 October 2016), which will now start its passage through the parliamentary approval process before becoming law.
The Government hopes that the Bill “will significantly improve the government’s ability to tackle money laundering and corruption, recover the proceeds of crime, and counter terrorist financing”, and